Moyallen buys €146m shopping centre

A NORTHERN Ireland property firm has purchased a shopping centre in Britain for £116m (€146m).

Moyallen Holdings said it has completed the acquisition of the Peacocks Centre in Woking from British Land after a year- long search throughout Britain.

It said that the centre fits its objective of investing for the long term in shopping centres which have genuine prospects for further development.

Moyallen is being backed in its acquisition by Bank of Ireland.

The centre has one of Europe’s largest glass- roofed atriums and houses retailers such as Debenhams, Primark, Marks and Spencer, Toys R Us, TK Maxx and Monsoon.

The leader of the executive at Woking Borough Council, councillor Anne Murray said: “We are delighted to welcome Moyallen to Woking and look forward to working with them to develop the Peacocks as a centre of choice in the region.”

The opportunity to acquire the centre and advice on the investment was provided by Savills, London, Dublin and Belfast offices.

In a statement released yesterday Moyallen said that Bank of Ireland sees the scheme as offering the property firm many opportunities to explore and develop over a five-to-10 year period.